Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.7A.14

Non-monetary benefit given in certain circumstances not conflicted remuneration: education or training course

(1) This regulation is made for subparagraph 963C(c)(iii) of the
Act.

(2) This regulation sets out requirements if a non-monetary benefit to
which subparagraphs 963C(c)(i) and (ii) of the Act apply is the provision
of an education or training course to a financial services licensee, or a
representative of a financial services licensee.

Note: Under
paragraph 963C(c) of the Act, if certain non-monetary benefits have a
genuine education or training purpose, are relevant to the provision of
financial product advice to retail clients and comply with the regulations,
the benefits are not conflicted remuneration.

(3) Education or training activities for the professional development of
the participants in the course must take up at least:

(a) 75% of the time spent on the course; or

(b) 6 hours a day;

whichever is the lesser.

(4) The participant, or the participant's employer or licensee, must pay
for the costs of: